WAR DEBT OBLIGATIONS

Otago Daily Times, Issue 21989, 26 June 1933, Page 10

WAR DEBT OBLIGATIONS

ro THE EDITOR.

Sir, —A leading article under the Heading “ War Debt Obligations” invites comment and criticism. It makes strange reading in the light of recent history to be informed in a responsible daily paper that the reputation ot this country would suffer ns a result: of repudiation, as though such a step was at inost only contemplated. There is grim humour, too, in Die reference made to “ solemn undertakings.” The word “violation,” too, seems to have a familiar ring, though, again, not as something only considered. Probably you will say that forced .conversion of internal loans, the imposition of illegitimate stamp duty, and the general Socialistic interference in private life and with private wealth is something different from the repudiation against which you hold up hands of horror. It strikes, has struck, a different class of people, otherwise it is repudiation, pure and simple. The damage has therefore been done and. as to- “solemn undertakings” counting with Mr Forbes, the legislation of the last three years will illuminate,the extent to which such matters concern him. This country enjoyed an At financial reputation when Mr Forbes took office—to-day its reputation lias sunk out of classification. Though knowing very well that our present difficulties are being increased by its application in the worst possible form, it is your constant delight to warn ns of the dangers we would run under a Holland and Socialistic Government. Frankly, it would interest me to learn what term you would apply to the present Government, which forces us to surrender our private wealth in order to support a class the majority of which never gave thrift a thought and would waste again if the

opportunity presented itself. When the storm struck us these people were without reserve and, with never a thought towards responsibility, they thrust themselves upon the Government. Indeed, the attitude they adopted was a threatening one, and its consequences have plunged us into still greater difficulties for, to satisfy these discontented and agitating sections of the community, the Government has broken its promises and interfered, in private enterprise to such an extent as to threaten the stability of finance. The Government has thrust the worst of the burden upon the small capitalist—the widow with, small unearned income and the chferly people who have saved! to secure the necessaries of old age. These people are being victimised for their thrift. The careful savings of years arc being ruthlessly filched to satisfy those who chose, to waste the fruits of the good harvest years. It does not make it any easier, either, to bear with tins injustice when we see strong men idling about, smoking and drinking intoxicating liquor upon the proceeds of the new taxation. Is smoking necessary? Does intoxicating drink help these men to bear with the idleness of their days? And now social workers are about to launch a charity drive to beg from those whose incomes are already exhausted under a political system which certain sections of the press pretend to believe is other than Socialistic. What, then, is Socialism? —I am, etc., G. P. F.